Cooperation in economics, trade and investment is increasingly emerging as the driving force and a new pillar in promoting the relationship of "Good neighborliness, traditional friendship, comprehensive cooperation, long-term sustainability." between Vietnam and Cambodia.

Cambodian Prime Minister Hun Manet will make an official visit to Vietnam from December 11-12 at the invitation of his Vietnamese counterpart Pham Minh Chinh.

The visit takes place in the context that bilateral relations are seeing positive developments.

The achievements in the relationship between Vietnam and Cambodia over the past half century are not only the victory of the national liberation struggle in each country, but also shown in the development of cooperative ties across a variety of aspects.

Political relations are constantly being strengthened and tightened, serving as a guiding pillar for the overall Vietnam-Cambodia relationship across Party, State and people channels.

Additionally, bilateral cooperation in defence, security, foreign affairs, economics, investment and trade has been constantly strengthened with increasingly positive changes in recent times.

Immediately after the 7th Cambodian Government was established in August 2023, Prime Minister Hun Manet issued the Pentagon Development Strategy Phase I, with the determination to develop comprehensive economic development, giving priority to promoting  economic relations with other countries, in which Vietnam is viewed as a particular focus.

Bilateral meetings and phone calls between both nations' senior leaders in 2023 are the clearest evidence of the determination and commitment to step up comprehensive cooperation between Vietnam and Cambodia in the coming time, with a major focus on deepening economic, trade and investment cooperation in a more substantive and effective manner.

Phan Van Truong from the Vietnam Trade Office in Cambodia said Vietnam currently retains its position as Cambodia's third largest trade partner and the neighbouring nation's second largest export market, with bilateral trade turnover in 2023 expected to reach US$9 billion.

In particular, Cambodia ranks 2nd among 79 countries and territories where Vietnam has invested abroad, with more than 200 valid investment projects and a total registered capital of nearly US$3 billion, ranking first in ASEAN and in the group of 5 countries with the largest direct investment in Cambodia.

The Cambodian government prioritizes agricultural development policies, while this is the strength of Vietnamese investors and businesses investing in Cambodia recently.

According to the Cambodian Ministry of Foreign Affairs and International Cooperation, within the framework of the visit, the two Government leaders  will have bilateral talks to further boost and expand areas of cooperation, including education, trade, investment, connectivity, tourism, culture, security, defence and border issues.

Both PMs will then witness the signing of a number of agreements, as well as co-chair the Vietnam-Cambodia Investment and Trade Promotion Forum.

PM Hun Manet is scheduled to deliver a speech at Hanoi Foreign Trade University about the economic development policy of the Cambodian Government and economic relations between Cambodia and Vietnam.

Recently, Vietnam and Cambodia signed the Border Trade Agreement and an agreement to promote bilateral trade for the 2023-2024 period along with other agreements.

The signed Memoranda of Understanding on cooperation in the fields of agriculture and labor and the Double Taxation Avoidance Agreement have helped resolve many problems and created favorable conditions for the two countries' businesses and investors to expand investment and business activities.

Oknha Leng Rithy, chief representative of the Rubber Industry Group in Cambodia, interim Chairman of the Executive Committee of the Vietnam Business Club in Cambodia said that PM Hun Manet's visit is expected to open up a new chapter in further augmenting economic, investment and trade cooperation between the two countries, especially in agriculture and agricultural product processing.

This is the strength of both countries, making it possible for them to invest and support each other in promotig the processing industry with a view to affirming their position in the agricultural supply chain in the region and the world, he added.

Leng Rithy also expressed his confidence that the upcoming visit to Vietnam by new Cambodian PM will contribute to elevating the Vietnam-Cambodia friendship to new heights.

VOV